While American stocks plunged at the opening of Wall Street on July 14, Bitcoin escaped losses, but traders remained uneasy.<\/p>\n
Analysts Weigh In On Bitcoin Bottom<\/p>\n
The S&P 500 and Nasdaq Composite Index both fell by about 1.8% at the time of writing as Wall Street opened in the red.<\/p>\n
Although the largest cryptocurrency\u2019s correlation to stocks declined to its lowest levels of 2022 so far, Bitcoin was still able to hold its own.<\/p>\n\n
BTC\/USD trades above $20k. Source: TradingView<\/p>\n
BTC\/USD fluctuated around $20,000 during the day, as shown by data from TradingView.<\/p>\n
However, few were prepared to declare that hodlers\u2019 worst days were behind them.<\/p>\n
Aksel Kibar summarized to his Twitter followers:<\/p>\n
\u201cThis has been a weak rebound so far. Another possible bearish continuation\u2026\u201d<\/p>\n
Related Reading |\u00a0Bitcoin Drops Below $22,000, Is Peter Brandt\u2019s Analysis Still In Play?<\/p>\n
Due to a confluence of macroeconomic factors, well-known economist and analyst Michael Suppo anticipated a lower low than June\u2019s around $17,500 levels.<\/p>\n
\u201cNo way is $17.5k the bottom for Bitcoin,\u201d he noted.<\/p>\n
Before any retest of the current multi-month lows, some people thought that higher support levels would hold.<\/p>\n
13.7K is a possibility that we’ve been watching for 10 months now. #Bitcoin will not hit 13.7K unless we lose 19.5K as support.<\/p>\n
19.5K is holding really well so far. The bottom is likely in or very close to being in but most will miss the bottom while waiting for lower prices pic.twitter.com\/AJF5ye0ntn<\/p>\n
\u2014 Steve Courtney ~ Crypto Crew University (@CryptoCrewU) July 12, 2022<\/p>\n\n
Trading Volume Tumbles To Lowest Since 2020<\/p>\n
Exchange-wide spot and derivative volumes have decreased, falling more than 15% since May to over $4.2 trillion, the lowest level since January of last year. Spot volumes fell roughly 28% to $1.41 trillion in June alone as Bitcoin fell to its lowest level since December 2020, according to statistics gathered by CryptoCompare.<\/p>\n
The amount of trade in derivatives decreased by 7% during the month, which was the lowest level since July 2021. In the cryptocurrency industry, derivatives play a significant role and account for more than half of the market.<\/p>\n\n
Source: Cryptocompare<\/p>\n
Market observers believe the pattern makes sense in light of the dips in Bitcoin and Ether, both of which have plunged more than 70% from their all-time highs last year. The price of bitcoin dropped 15% on June 18 to $17,599, its lowest level since late 2020.<\/p>\n
Related Reading |\u00a0Data Suggests Buying On Coinbase Behind The Bitcoin Pump<\/p>\n
Featured image from Pixabay, charts from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
While American stocks plunged at the opening of Wall Street on July 14, Bitcoin escaped losses, but traders remained uneasy.<\/p>\n
Analysts Weigh In On Bitcoin Bottom<\/p>\n
The S&P 500 and Nasdaq Composite Index both fell by about 1.8% at the time of writing as Wall Street opened in the red.<\/p>\n
Although the largest cryptocurrency\u2019s correlation to stocks declined to its lowest levels of 2022 so far, Bitcoin was still able to hold its own.<\/p>\n
BTC\/USD trades above $20k. Source: TradingView<\/p>\n
BTC\/USD fluctuated around $20,000 during the day, as shown by data from TradingView.<\/p>\n
However, few were prepared to declare that hodlers\u2019 worst days were behind them.<\/p>\n
Aksel Kibar summarized to his Twitter followers:<\/p>\n
\u201cThis has been a weak rebound so far. Another possible bearish continuation\u2026\u201d<\/p>\n
Related Reading |\u00a0Bitcoin Drops Below $22,000, Is Peter Brandt\u2019s Analysis Still In Play?<\/p>\n
Due to a confluence of macroeconomic factors, well-known economist and analyst Michael Suppo anticipated a lower low than June\u2019s around $17,500 levels.<\/p>\n
\u201cNo way is $17.5k the bottom for Bitcoin,\u201d he noted.<\/p>\n
Before any retest of the current multi-month lows, some people thought that higher support levels would hold.<\/p>\n
13.7K is a possibility that we’ve been watching for 10 months now. #Bitcoin will not hit 13.7K unless we lose 19.5K as support.<\/p>\n
19.5K is holding really well so far. The bottom is likely in or very close to being in but most will miss the bottom while waiting for lower prices pic.twitter.com\/AJF5ye0ntn<\/p>\n
\u2014 Steve Courtney ~ Crypto Crew University (@CryptoCrewU) July 12, 2022<\/p>\n
Trading Volume Tumbles To Lowest Since 2020<\/p>\n
Exchange-wide spot and derivative volumes have decreased, falling more than 15% since May to over $4.2 trillion, the lowest level since January of last year. Spot volumes fell roughly 28% to $1.41 trillion in June alone as Bitcoin fell to its lowest level since December 2020, according to statistics gathered by CryptoCompare.<\/p>\n
The amount of trade in derivatives decreased by 7% during the month, which was the lowest level since July 2021. In the cryptocurrency industry, derivatives play a significant role and account for more than half of the market.<\/p>\n
Source: Cryptocompare<\/p>\n
Market observers believe the pattern makes sense in light of the dips in Bitcoin and Ether, both of which have plunged more than 70% from their all-time highs last year. The price of bitcoin dropped 15% on June 18 to $17,599, its lowest level since late 2020.<\/p>\n
Related Reading |\u00a0Data Suggests Buying On Coinbase Behind The Bitcoin Pump<\/p>\n
Featured image from Pixabay, charts from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-3431","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=3431"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3431\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=3431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=3431"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=3431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}